Advertorial • 08.01.2014

Top reasons why retailers cannot ignore Big Data captured in store

by Colm Roche, Sales Manager Central and Eastern Europe, ShopperTrak

Top reasons why retailers cannot ignore Big Data captured in store...
Source: ShopperTrak

Despite the fact that it could hold the key to the future of retail, many firms are still cautious when it comes to the concept of Big Data. According to PWC research, 62% of companies think Big Data could provide a competitive advantage for their business, but 58% feel that the ability to draw insights from it is a challenge.

In today’s retail environment, where consumers are using data and technology to take control of their shopping experience, retailers should seize the opportunity to gather the vast array of data coming their way to connect with consumers in a meaningful way.

There are a multitude of reasons why retailers must build a strategy for managing their in store data, but here are our top three:

  • Quite simply, the information holds the key to your customers

Extracting the right information from the data at your fingertips is an invaluable way for retailers to gain insight into both consumer behaviour and store performance. Identifying who is coming through the door, how long they browse for, which areas they linger in and whether they make a purchase is vital in today’s competitive retail environment. Operationally it enables retailers to plan staffing and measure customer service while for marketers it evaluates which campaigns work and where marketing spend needs to be focused.

  • Technology analyses the data so you don’t have to

According to analyst firm IDC, the amount of digital data in the world will double every two years between now and 2020. Retailers need to invest money and resources into the latest shopper data capture tools, from social media to mobile analytics and foot traffic counting to better understand the customer journey throughout the store. Only by bringing all of these data sources together however can they deliver actionable insight back to staff.

  • It’s only as complicated as you allow it to be

The key to getting the most out of your data is knowing exactly what it is that you want to achieve –If a shopper walks into a store and walks out again without making a purchase, retailers need to ask why. Is the merchandising the best it could be? Are there enough staff on duty? Marketing and operations teams do not need to understand how to interrogate trillions of bytes of data, they just need to know what makes a useful and a useless piece of information so they can adapt their strategies accordingly.

Big Data can significantly help the retail industry deliver what the customer wants, when they want it and via what channel. In-Store Traffic Intelligence companies can provide a number of pieces to the jigsaw, by providing the technologies that enable understanding of the brick and mortar customer journey, from the shop window to the final purchase. The key is to find the right technology partner to deliver the information retailers need in an accurate, consistent and reliable way to enable them to act on it to their advantage.

ShopperTrak is the leading global provider of shopper insights and analytics. Retailers rely on ShopperTrak for the most comprehensive and integrated solution for accurate retail store traffic counting, interior analytics and industry benchmarking to better understand in-store shopper behaviour. More than 750 world leading retail brands have ShopperTrak services deployed in over 60,000 locations across 90 countries and territories.

Click here to get to ShopperTrak's website: www.shoppertrak.co.uk.

Supplier
Logo: ShopperTrak

ShopperTrak

St John's Court, Easton St, High Wycombe
Buckinghamshire HP11 1JX
UK

related articles:

popular articles:

Thumbnail-Photo: Out of Stock in Retail and innovative solutions to avoid them...
07.11.2023   #brick and mortar retail #customer satisfaction

Out of Stock in Retail and innovative solutions to avoid them

Due to various events, the availability of goods in retail will be increasingly restricted from 2022, with the result that customers cannot find in food retail the products they wish to buy, because those products are sold out, are temporarily ...

Thumbnail-Photo: Ask the Bot: generative AI in retail
02.01.2024   #Tech in Retail #food retail

Ask the Bot: generative AI in retail

Revolution in retail: the era of generative AI and AI bots

They are able to analyse data, write product descriptions, answer shoppers’ questions or write codes...

Thumbnail-Photo: Nedap teams with Foot Locker to extend RFID project...
05.10.2023   #omnichannel #software applications

Nedap teams with Foot Locker to extend RFID project

Foot Locker successfully matches supply and demand in newly opened stores in Eastern Europe using RFID technology

Nedap the global leader in RFID solutions, announces that multi-brand sports fashion and apparel retailer Foot Locker has successfully extended Nedap iD Cloud to its new, Eastern European stores. The objective is to offer the best possible ...

Thumbnail-Photo: Trigo and Netto Announce Autonomous Supermarket with Real-Time Receipt...
24.01.2024   #Tech in Retail #artificial intelligence

Trigo and Netto Announce Autonomous Supermarket with Real-Time Receipt Capability.

‘Final step’ in frictionless shopping drives trust by enabling consumers to view their receipts BEFORE leaving the store
Full size 800m2 grocery supermarket powered by computer vision AI is Europe’s largest retrofitted frictionless store

Trigo, a leading provider of AI computer vision technology that transforms traditional brick-and-mortar retail outlets into digital smart stores, and discount supermarket chain Netto Marken-Discount (also known as Netto), have partnered to launch ...

Thumbnail-Photo: MPREIS Transforms Operations with Zebra Workcloud Task Management™...
06.11.2023   #customer experience #software developement

MPREIS Transforms Operations with Zebra Workcloud Task Management™ Software Solution

Austrian food retailer to streamline communication in around 300 stores to improve staff engagement, inventory optimisation, and customer satisfaction

MPREIS has around 300 Austrian stores in regions across Tyrol...

Thumbnail-Photo: Payment as a success factor: more than just paying...
15.01.2024   #Tech in Retail #payment systems

Payment as a success factor: more than just paying

Flashback to 1994: databases and ERP systems, first commercial websites, mobile phones with colour displays, CD-ROMs, Java as a programming language ...

Thumbnail-Photo: New German vending partner for ITL
30.11.2023   #Tech in Retail #cash management

New German vending partner for ITL

Innovative Technology (ITL) have recently announced Bernd Boddart as their latest trading partner

Bernd Boddart will be supplying their cash validation and biometric age verification solutions to the German vending market. Bernd Boddart, based in Mönchengladbach, Germany, have 30 years of experience in the field of coffee machines, table ...

Thumbnail-Photo: Unified Commerce Platform in focus
24.10.2023   #omnichannel #software developement

Unified Commerce Platform in focus

Handover at REMIRA: Dirk Bingler supersedes Stephan Unser as CEO

REMIRA is setting the course for future development of the company: On November 1, Dirk Bingler (48) will become the new CEO of the supply chain and omnichannel software expert headquartered in Dortmund. The previous CEO Stephan Unser (62) moves to ...

Thumbnail-Photo: The global state of autonomous stores
18.12.2023   #Tech in Retail #self-checkout systems

The global state of autonomous stores

The stores are located in various retail segments such as food retail, fashion, electronics, convenience stores and fast food.

In a highly competitive global retail landscape, autonomous stores are an emerging force that addresses changing consumer behaviors, reduces operational costs, improves profitability, and powers revenue growth strategies. Advancements in autonomous ...

Thumbnail-Photo: EuroCIS 2024: Go beyond today!
16.10.2023   #retail #Tech in Retail

EuroCIS 2024: Go beyond today!

27 to 29 February 2024 will see the Who’s Who of Europe’s retail technology sector meet in Düsseldorf

Go beyond today! EuroCIS at the end of February will once again show solutions and products for the retail of the future @Messe DüsseldorfIn late February, numerous companies will again exhibit solutions and products for retailers to shape and ...

Supplier

Innovative Technology Ltd.
Innovative Technology Ltd.
Innovative Business Park
OL1 4EQ Oldham
Captana GmbH
Captana GmbH
Bundesstraße 16
77955 Ettenheim
Zebra Technologies Germany GmbH
Zebra Technologies Germany GmbH
Ernst-Dietrich-Platz 2
40882 Ratingen
REMIRA Group GmbH
REMIRA Group GmbH
Phoenixplatz 2
44263 Dortmund